India's state-owned Oil and Natural Gas Corporation Ltd. announced Wednesday that the company's upstream subsidiary ONGC Videsh Limited (ONGC Videsh) and YPF S.A., the major oil producing company of Argentina have entered into a Memorandum of Understanding (MOU) Sept. 1 to cooperate in the hydrocarbon sector.

Under the MOU, the two companies will analyze the opportunities for cooperation in upstream sector in Argentina, India and third countries. The MOU also envisages collaboration in the areas of research & development and human resources.

Argentina is an important oil and gas producing country in Latin America. It also has excellent potential for unconventional oil and gas (tight/shale), particularly in the Neuquen Basin.

About ONGC Videsh

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the national oil company of India, and is India’s largest international oil and gas exploration and production (E&P) company. At present, ONGC Videsh has participation in 35 projects in 16 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam. ONGC Videsh is currently producing about 160,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves of 637 million tons of oil equivalent (MMtoe) as on March 31. For more information visit: www.ongcvidesh.com.

About ONGC

ONGC’s market capitalization as on Sept. 1 was $62 billion (INR 3,760.6 billion). During the financial year ended March 31, ONGC Group had produced 59.20 million tons of oil and oil equivalent gas (MMtoe) (approximately 1.2 MMboe per day); the Gross Revenue was $29.46 billion (INR 1,744.7 billion) and total oil and gas reserves were 2,004 MMtoe as on March 31. For more information visit: www.ongcindia.com.

About YPF

YPF SA, a 51 percent majority-owned entity of the Government of Argentina is an integrated energy company. It is the main oil producer in Argentina, with more than 41 percent market share of oil and gas. It employs 45,000 people directly and indirectly. It has three strategically located refineries in the country and a network of over 1,500 service stations. For more information visit: www.ypf.com.

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